Coromandel: Future PositiveAug 2018

Agri Landscape

Birds Paradise: Bio-Diversity at Coromandel’s Kakinada Plant

0

10

20

30

40

50

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Agri Exports (USD Bil)

Indian Agriculture: The Global Giant

Crop India Ranking % Share

Pulses 1st 23%

Oilseeds 1st 11%

Cotton 1st 29%

F & V 2nd 11%

Sugarcane 2nd 20%

Cereals 3rd 11%

Source: FAOSTAT

Source: DGCIS

7th largest Agri exporter

Largest cropland globallyLargest irrigated area

3rd largest Agriculture

producer globally

Agriculture : Contribution to Indian Economy

▪ 17% contribution to GVA

▪ 12% of country exports

▪ 50% of employment

3

Source: U.S. Geological Survey

….But Productivity Gaps exist

Falling per capita land holding Imbalanced Nutrient Usage

Low Crop Protection consumptionLow Mechanization

6.8

1.8

2.7

2.9

0.6

1.4

3.7

0.9

2.3

0.0 2.0 4.0 6.0 8.0

Cereal

Pulses

Soyabean

Yield comparison (Tonnes/ ha)

World India China Brazil USASource: FAO

0.0

0.5

1.0

1.5

2.0

2.5

3.0

1960 1970 1980 1990 2000 2010

Avg Landholding Size (ha)

Source: FAO Source: FAI

0.6

5

7

1213

India UK USA Japan China

Pesticide Consumption (kg/ha)

Source: FICCI

CountryLevel of farm

Mechanization

India 40%

Brazil 75%

USA 95%

West Eur 95%

Russia 80%

China 48%

Source: World Bank, FAO

Mega Growth Opportunities for bridging the productivity gaps 4

0.0

2.0

4.0

6.0

8.0

10.0

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

N:P:K consumption ratio

N P2O5 K2O

Ideal Ratio

4:2:1

Efforts being made to Double Farmer Income by 2022

▪ Increasing output – Productivity, Cropping Intensity

▪ Improving realization – Price Discovery, Remunerative pricing, Crop Diversification

▪ Reducing cost - Balanced Application, Resource Use efficiency

▪ Covering Risk – Crop Insurance, Livestock & Non farm income

5Government plans to improve ‘Commercial ability’ of the Indian Farmers

Source: Niti Aayog

Policy Measures in Union Budget 18-19

▪ MSP at 1.5x Cost of Production

▪ Institutional credit at USD 17 billion

▪ Increased allocation under Crop Insurance

▪ Upgrade existing 22,000 rural haats into Gramin

Agricultural Markets (GrAMs)

▪ Solar Water Pumps: 96 deprived irrigation districts

Agri Growth LeversFood Security

Annual food requirement in India to go up at 1% CAGR

FY18

280 mil MT

FY50

333 mil MT

Improved support price (at 50% Cost of Prod )

1.3 B

1.6 B

0

50

100

150

200

250

300

FY06 FY08 FY10 FY13 FY16

Avg Daily Wages- Agri Labour (Rs/ day)

….Coupled with Rural Wage Growth

Higher

Disposable

Income

Source: Ministry of Agriculture

Source: Dept of Agri

6

0

1000

2000

3000

4000

5000

6000

7000

8000

Paddy Maize Arhar Moong Soyabean Cotton

17-18

18-19Rs/ qtl

13% 19%

4% 25%

11% 28%

2010 2030

Indian Consumption Basket

Cereals & Pulses Milk & Meat F&V Oil Others

Cereals

Milk & Meat

F&V

Others

USD 160 Bil

USD 350 Bil

Agri Growth Levers

Dietary Shifts Digital India

▪ Efficient delivery mechanism- Ag Inputs & Output

▪ Towards Cashless agri credit

Oil

Source: CII Mckinsey

▪ Food consumption to more than double by 2030

▪ Consumption towards premium food

Unified National Agriculture Market

Source: SFAC

USD 85 bil

USD 34 bil

USD 44 bil

USD 95 bil

7

…along with Agriculture reforms

Doubling Farmer Income by 2022

Productivity Improvement

Bio technology

Micro Irrigation

Water & Inputs

Minimizing crop losses:

Crop Protection

Balancing nutrition

Increasing Irrigation Coverage

Integrated Farming

Allied Activities

Improving Market

Realization

E Procurement

More crop per drop: Potential to bring 69 million hectare area under Micro-Irrigation (8 mil currently)

Bringing additional area under irrigation coverage: 8 mil ha (USD 13 bil investment)

Connecting 585 agri yards centrally

Developing Agri infrastructure & storage capabilities

8

& Positive Policy MeasuresNutrient Based Subsidy Make in India

…..Towards deregulating the Fertiliser industry

▪ Easing working capital pressure

▪ Flexibility to fix farm gate prices

▪ Shift from Commodity based to Market driven

…..Thrust towards Domestic Manufacturing

Investment Innovation Skill Devt Protect IP Best in Class

▪ Promotes infrastructure development

▪ Supports domestic manufacturing

▪ R&D and innovative solutions

9

Fixed subsidy & variable farm gate pricesFixed MRP

37% 40% 48%63% 65% 65% 66% 73% 70%

63% 60% 52%37% 35% 35% 34% 27% 30%

Pre NBS FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Farmgate price as % of total realization Subsidy as % of total realization

Manufacturer FarmerRetailer

PoStransaction

Digitized land records & Farmer’s Unique ID captured

Purchase info triggered

Subsidy Disbursement on Farmer Purchase

Product Flow Subsidy Flow

Dept of Fert

& Positive Policy Measures

Direct Benefit Transfer …..Towards balancing Soil Health

▪ Informed farmer purchases based on Soil Health Status

▪ Subsidy to manufacturer to be paid on weekly basis

▪ Lead to digitization & improved rural connect

▪ Prevention on fertiliser leakage & diversion

DBT to improve nutrient usage & promote balanced

application

10

Our Industry

Birds Paradise at Coromandel’s Kakinada Plant: Home to ~100 species of migratory birds

Indian Fertiliser Industry: Overview

12

16.74

6.71

2.51

Indian Nutrient Demand(mil tons)

N P2O5 K2O

Source: FAI

▪ High share of ‘N’ consumption (64%)

▪ Urea constitutes 55% of Fertiliser sales

30.3

17.5

3.2

24.0

15.7

Urea NPKs Potash

Fertiliser: Supply Demand Balance 17-18 (in mil tons)

Demand Domestic Capacity

▪ Demand outstrips domestic capacity

▪ Capacity expansion in last 2 years in

Urea & NPK space

59.0

48.7

21.425.5

16.520.5

Production Consumption

Production & Consumption (N+P2O5)in mil tons

China USA India

▪ Globally, 3rd largest Fertiliser production

& consumption

Opportunities in Inputs space: Ag Nutrients

Source: IISS Bhopal

▪ More than 50% of the districts deficient in essential plant nutrients- Opportunity for Balanced Nutrition

▪ Relatively untapped Secondary & Micro Nutrients segment

▪ Organic products to balance plant growth

Nutrient Deficient India Soils

13

Opportunities in Inputs space: Micro Irrigation & Water Soluble Fertiliser

Benefits:

Increase in Water Use Efficiency: 50 – 90%

Productivity Increase: 40-50%

Increase in Farmer’s income: 42%

3.1

4.9

6.1

7.7

2005 2010 2012 2015

Area under Micro irrigation (mil ha)

Potential: 69 mil HaCurrent coverage: 8 mil Ha

▪ Current Micro Irrigation coverage at 6% (US: 55%, Brazil: 52%, China: 10%)

▪ Scope to scale up consumption of Water soluble Fertilisers

Source: Grant Thornton

14

Opportunities in Crop Protection space

Increasing Pest Incidence

1940 At PresentTotal Pests

Serious Pests

Total Pests

Serious Pests

Rice 35 10 240 17

Wheat 20 2 100 19

Sugarcane 28 2 240 43

Ground Nut 10 4 100 12

Mustard 10 4 38 12

Pulses 35 6 250 34

Source: Tata Strategic Mgmt. Partner

Opportunities in Generic SpaceHerbicide Opportunities

2016 2017 2018 2019 2020

1.2

1.6

0.40.7

0.2

Molecules going off patent (USD Bil)

Domestic

Exports

FY15 FY20

2.3

3.12.1

3.2

Indian Crop Protection Market (USD Bil)

▪ Exports segment to grow by 9% p.a.

▪ Domestic segment to grow by 7% p.a.

▪ Increasing labour cost to boost herbicide usage

Global share: 47% India share: 16%

15

Industry Updates:

2018-19 Kharif

Neutral Agriculture Environment in 18-19 Kharif

Normal in Coromandel’s Primary South

Peninsular markets: 111% LPA

Source: IMD

Slight drop in acreage: -1.5%

Source: Ministry of Agriculture

1 2 3

17

Excess

Normal

Deficient

Scanty

All India South West Monsoon: 93% LPA

Acreages up in AP & Telangana

Area in Mil Hectare

Improved reservoir levels: +6%

0

5

10

15

20

25

30

35

Rice Pulses CoarseCereals

Oilseeds Sugarcane Cotton

LY

CY

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

North East West Central South All India

LY CY

Source: Ministry of Water Resources

Southern region: High storage levels -Positive Rabi prospects

… Effect of weakened rupee & commodity hardening

18

USD-INR Movement (Rs/USD)

567

758

500

600

700

800

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Phos Acid (CFR India)

252.5

309.5

160.0

260.0

360.0

460.0

05

Jan

20

17

04

Fe

b 2

01

7

06

Mar

20

17

05

Ap

r 2

01

7

05

May

20

17

04

Ju

n 2

01

7

04

Ju

l 20

17

03

Au

g 2

01

7

02

Se

p 2

01

7

02

Oct

20

17

01

No

v 2

01

7

01

Dec

20

17

31

Dec

20

17

30

Jan

20

18

01

Mar

20

18

31

Mar

20

18

30

Ap

r 2

01

8

30

May

20

18

Ammonia CFR India

199

275

180

230

280

330

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Urea FOB ME Prilled

62

63

64

65

66

67

68

69

70

02

-01

-20

17

01

-02

-20

17

03

-03

-20

17

02

-04

-20

17

02

-05

-20

17

01

-06

-20

17

01

-07

-20

17

31

-07

-20

17

30

-08

-20

17

29

-09

-20

17

29

-10

-20

17

28

-11

-20

17

28

-12

-20

17

27

-01

-20

18

26

-02

-20

18

28

-03

-20

18

27

-04

-20

18

27

-05

-20

18

26

-06

-20

18

▪ Rupee operated in a narrow price band. Depreciating since Q4FY18.

▪ Raw material Soft to Stable in H1. Bullish since.

11.89.8 10.5 11.3 12.2 12.2 12.9

2.9 2.8

10.6

6.1 3.74.1

6.2 4.9 4.7

1.3 2.3

21.7

16.5

14.0

15.8

18.617.1 17.5

3.3 3.7

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY18 Q1 FY19 Q1

Production Imports Sales

Impacting the farm gate price….but consumption story remains intact

19

Q1

15000

17000

19000

21000

23000

25000

27000

29000

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

▪ Improved consumption (+12%) in Q1

▪ Higher DAP imports- Shift towards complex manufacturing

▪ Sales getting aligned to DBT

Farm gate price (Rs/MT DAP) Indian Phosphatic Industry: Supply-Demand Scenario (in mil tons)

Coromandel: Who We Are

- About Coromandel

- Business Segments

- Financials

Birds Paradise at Coromandel’s Kakinada Plant: More than 50% Plant area covered under Green Belt

About Coromandel

Vishakapatnam

Kakinada

Jammu

Ankleshwar

Ennore

Sarigam

Pali

Udaipur

KotaRae Baereli

Vadodara

Hospet

Ranipet

Nimrani

Dahej

Crop Protection Plants

Fertiliser Plants - Complexes

Fertiliser Plants - SSP

India’s largest private sector

Phosphatic Fertiliser company

5th largest Ag Chem Indian

company

India’s largest Single Super

Phosphate (SSP) company

Pioneers & market leaders in

Specialty Nutrients

No. 1 Organic Manure player in

India

Largest Rural Retail Chain across India

Coromandel’s Manufacturing Presence

Part of USD 5 bil Murugappa Group 21

Caddalore

About Coromandel

Key Facts :

▪ Turnover: USD 1.7 bil (FY17-18)

▪ Market Cap: USD 2.3 bil (Mar 2018)

▪ Strong credit rating: ‘AA +’ (Stable outlook)’ with CRISIL India

▪ ~4500 employees & ~7500 contract staff

▪ International Linkages: FOSKOR, GCT, CANPOTEX, SQM, GETAX , QAFCO, ICL, OCP, YANMAR etc

▪ International Market Serviced: Latin America, Africa, China, South East Asia, Middle East

Strong Brand Equity Cost effective production Doing it Responsibly Bringing Prosperity R&D Focus 22

Global Strategic Alliances

Strategic investment for Phos acid sourcing

- Foskor

JV with SQM, Chile

Mitsui, Japan

Canpotex - Canada

Strategic Investment TIFERT – Phos acid venture in

Tunisia

Water Soluble Fert

MOP

Ammonia and Sulphur

Morocco, Israel, Togo Algeria

Rock Phosphate

Pact with QAFCO for supply of Urea and Ammonia

FMS JV with Yanmar & co. Japan

“Shell “ Technology

Phos Acid Tie UpBrasil Presence

Crop Protection

▪ Highly diversified sourcing

▪ Significant market presence in

International markets

▪ Technology tie ups with global

majors like Shell

▪ JV Partnership with global water

soluble major, SQM Chile

▪ Farm Mechanization JV with

Yanmar, Japan

23

Business Structure

Non subsidy EBITDA share has steadily improved

from 23% in FY08-09 to 32% in FY17-18

Phosphatic Fertilisers

Crop Protection

Retail

Specialty

Nutrients & Organic fert

DAP

Complex Fertilisers

SSP/MOP

Technicals

Formulations

Bio

G-Sulphur

Water Soluble

Organic Manure

Agri Inputs

Agri Services

68%78%

32%22%

Sales EBITDA

Nutrient

and Other Allied Business

Crop Protection

Subsidy / Non Subsidy

24

86%

14%

Turnover

81%

19%

PBIT

Growth JourneyTo

war

ds

New

Gro

wth

Se

gme

nts

Entry into Retail

Specialty & Organic Business

Crop Protection-Sabero acquisition

2014 Farm Mechanization-Yanmar JV

2013 SSP-Liberty acquisition

2010 WSF JV with SQM

2008

2006

2011

2012 Technology tie up-Shell

New capacity addition: ~3 mil tons over last decade

New Businesses: CPC, SND,

Organic, Bio

Expansion into Retail

Channel: 800 stores

Strategic Partnership

Yanmar, SQM, Foskor, Tifert

Technology Tie ups: Shell,

IRRI

25

2018 Bio Acquisition

Business Segments

Birds Paradise at Coromandel’s Kakinada Plant: Largest breeding site in the East Godavari district for a variety of bird species

Coromandel Phosphatic Fertilisers

▪ C Train Expansion

▪ LIBERTY SSP acquisition

27

0.8 mil ton

0.3 mil ton

0.8 mil ton

3.2 mil ton

5.0 mil ton▪ Largest Complex marketer in India

▪ 22% of the domestic Phosphatics capacity

▪ Ability to manufacture 12 different grades

▪ Differentiated offering thru Unique grades

▪ Diversified presence in South, West & East markets

Fertiliser Marketing

28

Sales (mil tons)

2.2

2.6

2.7

2.5

2.8

FY14 FY15 FY16 FY17 FY18

0.6

0.8 0.9

0.8

1.0

28%

31%

33%33%

38%

25%

27%

29%

31%

33%

35%

37%

39%

0.5

0.6

0.7

0.8

0.9

1.0

1.1

Unique Grades Unique grade share

Unique Grades (mil tons)

15.9%16.3%

14.4%14.6%

15.8%

FY14 FY15 FY16 FY17 FY18

Market Share

Improving Fertiliser Sales Rising Market share Creating Differentiation

Fertiliser Manufacturing

29

Kakinada:

Capacity: 1.9 mil tons

High Nutrient Efficiency

Flexibility to manufacture multiple grades

2.32.4 2.4 2.4

2.965%

70% 70% 70%

83%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

1.5

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

FY14 FY15 FY16 FY17 FY18

Prod Cap Utlzn

Vizag:

Capacity: 1.2 mil tons

Integrated Phos Acid Production (0.2 mil ton)

Captive Sulphuric Acid Plant

Ennore:

Capacity: 0.3 mil tons

Integrated Phos Acid Production (0.05 mil ton)

Phosphatic Production (in mil tons)

Coromandel ranks amongst the lowest cost manufacturers in India

Coromandel Crop Protection

5th Largest Crop Protection Company in India

Ability to manufacture 15 technicals

3rd Largest Mancozeb manufacturer globally: Capacity expansion in 2016 & 2017

Robust Environment Management Systems: ~USD 10 mil investment in last 5 years

Acquisition of FICOM and setting up Jammu Unit I

Expansion to Latin America

Acquired Pasura Bio Tech –

Jammu Unit IISabero

Acquisition

2006 2010 20112009

Acquired

pesticides unit of

BPM

1990’s

Established:

- China Office

- R&D Centre

2015

30

Bio Pesticide Acquisition

2018

Crop Protection Operations

31

14%

12%

8%

7%

2%1%

56%

APAC Africa S. America C. America

Europe China India

Diversified Sales

▪ Exports share: 44%

▪ ~900 global registrations

▪ B2B & B2C presence

▪ Customer reach thru 10000+ retailers

▪ 8 subsidiaries: Expansion in Africa

▪ Presence across ~81 countries

Brazil

Argentina Australia

Nigeria

Mexico

Netherlands

Philippines

China Office

Global presence through Subsidiaries Bio Business: Synergistic Fit

▪ Export share: 60% with significant

presence in USA, Europe & Canada

▪ Manufacturing facility in Cuddalore, TN

953

1074

1234

FY15 FY16 FY17

Bio Turnover (Rs Mio)

Crop Protection Operations

32

Significant Manufacturing presence

▪ Manufacturing Capacity 60,000+ MT/

annum from 6 locations

▪ Wide product portfolio ~60 brands

▪ 4 new Product launches in FY18

▪ Plan to introduce 2-3 products every year

Ably supported by R&D Team

▪ Growth across Domestic & Exports segments

Resulting in Significant growth

R&D Centre, Hyderabad

9% CAGR

Sarigam Plant

128

141

151

FY16 FY17 FY18

Turnover (Rs '00 Mil)

Retail

Customer Reach

20

300

400 423

641

800No. of Retail Stores

Dec-07 Dec-08 Mar-09 Mar-11 Mar-13 Mar-16

Karnataka Andhra Pradesh

Telangana

Farming Solutions 2.8 million farmers annually

Seeds

Ag Nutrients

Crop Chem

Vet Feed

Products

Credit

Farm Mechanization

Agri Insurance

Farm Implements

Services

Soil/ Petiole Testing

Extension Activities

Convergence of

Products & Services:

One Stop Shop

for Agriculture needs

▪ ~70% turnover through Captive products

▪ Non Fertiliser Focus: ~45% of annual sales

▪ ‘Retailer of the Year’ award by CMO Asia

33Expansion into Maharashtra in FY18

Specialty Nutrients

34

20%39%

0%

20%

40%

60%

80%

100%

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Generic Focus

Increasing share of Focus products

Crop Solutions

Cereals Pulses CottonHorticult

ure

Crop based Product Solutions

▪ Introduced 7 crop specific grades in last 4

years: Cotton, Chilli, Cereals, Potato,

Pulses, F&V

▪ Agronomist team for Extension support

▪ Improving share of focus products▪ 1st Bentonite Sulphur plant in India

▪ Exclusive manufacturers of WSF grades -

Speedfol, Insta, Superia, Ultrasol

▪ JV with WSF major SQM

Bentonite Sulphur Plant, Vizag- 25000 MT

2012 CSQM 15000 MT WSF Plant, Kakinada

2008 WSF Plant, Vizag

2006

Infr

astr

uct

ure

Manufacturing Capability

WSF-Water Soluble FertiliserAmongst market leaders in WSF & Sulphur segments

SSP

35

0.11

0.55 0.63

0.48 0.52

13%

0%

2%

4%

6%

8%

10%

12%

14%

16%

-

0.10

0.20

0.30

0.40

0.50

0.60

0.70

FY14 FY15 FY16 FY17 FY18

Coro Sales (mil tons)- LHS M/s (%)- RHS

& Focus Product Approach

▪ Quality Differentiation demonstrated thru

Quick Test Kits

▪ Quality Certification: ISO 9001, ISO 14001

& OHSAS 18001 Management

51%

0%

10%

20%

30%

40%

50%

60%

FY14 FY15 FY16 FY17 FY18

Share of Granulated & Value added products (%)

▪Started SSP manufacturing in 1906 from

Ranipet : 1st Fertiliser Plant in India

▪Manufacturing capacity ~1 mil MT/ annum

Maintaining Market Leadership

▪ Improving share of granulated & value

added products

Expanded SSP presence thru Liberty Phosphate acquisition in 2013

With Quality Focus

Organic Manure

Organic fertilisers

Bio compost (Soil Health Enabler)

Bio/Microbial & Organic Fertiliser

P – Phosgold(Compost + Rock P)

N – Nrich (oil cake)

K – Kash (Molasses)

Press Mud (By prod Sugarcane)

City compost

Oil Cakes

▪ Regulatory push from government- Market Development Assistance

▪ Push towards waste treatment & management

▪ Soil Health Focus- Sustainable Agriculture

▪ Consumption shift- Green Food

Product Portfolio Growth Drivers

Market Leader in City Compost segment: 18% market share

0.2

1.44

FY09 FY18

Coromandel Organic Vol (in Lakh MT)

25% CAGR

▪ Pioneers in Organic Fertilisers

▪ Market leaders ~30% value share

▪ Efficient sourcing & distribution

36

Farm Mechanization: Eyeing the Future

▪ Market leadership in TN, AP, Kerala for Rice

transplanters

▪ Introduced Combine harvester in FY18

▪ Service centers in AP, Telangana, Odisha & Tamil Nadu

▪ Synergistic approach through Coromandel Retail

operations

▪ Indigenization of spares

▪ Expanding portfolio to include other Yanmar models

▪ Partnering with Govt.- Custom Hiring Centers

Mechanization across Ag Value Chain

Yanmar Coromandel Agrisolutions –JV between Coromandel (40%), Yanmar (40%) & Mitsui (20%)

40%

29%

37%

34%

65%

Soil & seed bed preparation

Seeding & Planting

Plant Protection

Irrigation

Harvesting & Threshing

Source: Grand Thornton

Paddy Transplanters

Power Sprayers

Drip

Coromandel’s Presence

37

Combine Harvestor

38

Doing it Responsibly

▪ Benefitting ~1 million lives through its CSR initiatives

▪ Coverage under Green Belt: ~10000 new planting every year

▪ Conversion of Phospho gypsum heaps into Green belt

▪ Constructed 1000+ toilets as part of Swatch Bharat initiative

▪ Established a Bird’s Paradise at Kakinada plant (home to 100+ species): Covered by

Discovery channel & UNDP

Bird’s Paradise, Kakinada

Girl Child Education Scheme

Green Belt at Vizag

Coromandel Key FinancialsTurnover (INR Mil) EBIDTA (INR Mil) & EBIDTA %

ROE (%)PAT (INR Mil) & PAT %

*As per new accounting standards Ind AS 39

91,0381,01,140

1,13,630 1,17,003

1,02,4991,10,485

FY 2013 FY 2014 FY 2015 FY 2016* FY 2017* FY 2018*

7,679 7,926 8,495 7,8969,820

12,263

8.4%7.8% 7.5%

6.7%

9.6%

11.2%

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

10. 0%

12. 0%

0

2,0 00

4,0 00

6,0 00

8,0 00

10, 000

12, 000

14, 000

FY 2013 FY 2014 FY 2015 FY 2016* FY 2017* FY 2018*

EBITDA EBITDA %

4,337 3,649 4,018 3,5744,770

6,636

4.8%

3.6% 3.5%3.1%

4.7%

6.0%

0.0 %

1.0 %

2.0 %

3.0 %

4.0 %

5.0 %

6.0 %

7.0 %

0

1,0 00

2,0 00

3,0 00

4,0 00

5,0 00

6,0 00

7,0 00

FY 2013 FY 2014 FY 2015 FY 2016* FY 2017* FY 2018*

PAT PAT %

18.4%

15.8%

17.8%

14.8%

17.3%

22.1%

FY 2013 FY 2014 FY 2015 FY 2016* FY 2017* FY 2018*

Coromandel Financials- P&L

*As per new accounting standards Ind AS

In Rs Mio

FY 2013 FY 2014 FY 2015 FY 2016* FY 2017* FY 2018*

Revenue 91,038 1,01,140 1,13,630 1,17,003 1,02,499 1,10,485

YoY (Growth) (%) -9% 11% 12% 3% -12% 8%

EBITDA before PY Subsidy 6,591 7,578 8,495 7,896 9,820 12,263

PY Subsidy 1,088 349 - - - -

EBITDA Reported 7,679 7,926 8,495 7,896 9,820 12,263

YoY (Growth) (%) -25% 3% 7% -7% 24% 25%

PBT after exceptional item 5,567 5,171 5,920 5,291 7,123 10,088

PAT 4,337 3,649 4,018 3,574 4,770 6,636

EPS (Rs.) -Basic 12.46 15.27 13.80 12.27 16.36 22.72

Debt / Total Capital (%) 56.1% 44.4% 51.0% 50.4% 43.5% 46.6%

LT Debt / Total Capital (%) 22.4% 10.6% 5.5% 1.8% 0.0% 0.0%

40

Coromandel Financials- Balance SheetIn Rs Mio

FY 2013 FY 2014 FY 2015 FY 2016* FY 2017* FY 2018*

Equity 23,029 23,066 22,020 26,340 28,908 31,259

Debt & Other LT liabilities 29,761 18,730 23,178 26,890 22,398 27,395

Deferred Tax Liability 1,877 1,890 1,875 1,679 1,495 1,290

Sources of Funds 54,666 43,685 47,074 54,909 52,801 59,942

Net Fixed Assets 22,764 18,085 14,261 13,612 13,495 13,514

Investments 1,597 3,416 3,520 4,769 3,884 2,213

Cash 5,346 4,722 3,176 1,978 1,678 5,508

Deposits 3,850 2,850 4,700 4,800 5,223 4,078

Inventory 14,775 17,529 22,592 23,458 17,246 22,271

Subsidy 13,756 11,123 17,894 23,671 25,570 26,269

Debtors 18,201 14,835 14,464 16,419 16,217 15,234

Other Current Assets 3,832 3,490 3,010 3,111 3,138 8,185

Current Liabilities 29,454 32,363 36,543 36,908 33,649 37,330

Net Current Assets 30,306 22,185 29,293 36,528 35,423 44,215

Application of Funds 54,666 43,685 47,074 54,909 52,801 59,942

*As per new accounting standards Ind AS

41

Disclaimer

42

This presentation contains forward-looking statements which may be identified by their use of words contains “plans,” “expects,” “will,”

“anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or

projections about the future, including, but not limited to, statements about the strategy for growth, product development, market

position, expenditures, and financial results, are forward-looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this

presentation cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or

achievements, could thus differ materially from those projected in any such forward-looking statements. These companies assume no

responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments,

information or events, or otherwise

Thank You

Thank You